Microeconomics

Question	Answer
PED Price Elasticity of Demand	Is a measure of how much the quantity demanded of a product changes when there is a change in the price of the product.
ad valorem taxes	An indirect tax where a given percentage is added to the price of a good or service.
Demand	The willingness and ability for a consumer to purchase a quantity of a good/service at a certain price
Supply	The willingness and ability of a producers to produce a quantity of a good / service at a certain price.
Law of Demand	As the price of a product falls, the quantity demanded for that good will normally increase.
Law of Supply	As the price of a good rise, the quantity supplied will normally rise. (The supply curve usually slopes upwards, ceteris paribus.)
Elasticity	A measure of the responsiveness of how much something changes when there is a change in one of the factors that determines it.

Resource summary

	Created by lilaalex almost 9 years ago